Boosted by strong sales of MS drug Copaxone
Teva Pharmaceutical Industries reported net sales of $16.1bn, up 16%, in 2010 and fourth quarter sales of $4.4bn, also up 16%.
Teva said it had record global in-market sales of multiple sclerosis drug Copaxone of $3.3bn for 2010, up 17%. Fourth-quarter sales reached $938m, an increase of 26%.
Copaxone is the leading MS therapy in the US and globally.
Annual non-GAAP net income was $4.1bn, up 36%, compared with 2009.
Shlomo Yanai, Teva's president and chief executive, said the company ‘delivered record-breaking results across all our geographies while strengthening and expanding our global leadership’ in 2010.
Yanai said the results provide ‘an exceptionally strong foundation from which to deliver continuous profitable growth in 2011’.
Fourth-quarter sales in North America rose 7% to $2.5bn, accounting for 56% of total sales.
Key contributors to the quarter's sales were generic versions of Effexor XR (venlafaxine), Pulmicort Respules (budesonide) and Copaxone.
For the full year, North American sales were nearly $10bn, up 16% compared with 2009, benefiting from strong generic sales, as well as increased sales of Copaxone. Generic sales in the US were $5.8bn in 2010, up 16%.
Fourth-quarter sales in Europe grew by 43% to $1.3bn, accounting for 30% of total sales, primarily benefiting from the consolidation of Ratiopharm results, which was acquired in August.
The increase in Europe was mostly attributable to growth in generic sales in Germany, Spain, the UK and Italy, as well as increased sales of Copaxone.
For the full year, sales in Europe increased 21%, reaching $3.9bn, as a result of strong generics sales throughout the region (mainly in Germany, Spain, Italy, Poland and France), as well as increased sales of Copaxone.
Increased sales in Russia and Israel drove international sales up 10% to $607m in Q4, accounting for 14% of total sales.
For the full year, international market sales were $2.2bn, up 7%.